Step 1: Read the background of assignment. (See the document file named as background of assignment). Step 2: Read the articles I have provided (see the article folder where I have up loader all the articles required- no need to research furthur and use other articles, as my teacher wants to use these articles only) Step 3: Have a look on the excel sheet that I have attached (file nameoil price.xls). And try to understand the trend of oil price (only consider real average price). Step 4: Write the essay based on articles and excel sheet that answers the following questions:1. Analyse the factors that determine the global supply and demand for oil in the a. short run and (include graph to show the effect) b. the long-run (include graph to show the effect) 2. Argue either for or against the view that the real oil price will be greater than $200 in 2020. Note:Use Harvard system for referencing (both in text and reference list).The essay will mainly focus on how well the argument is presented (i.e. you should refer to the data in Part A (excel sheetattached) and the articles in the text of the essay, using Harvard referencing systemboth in text citation and in reference list)Turnitin is used. So be careful.Document Preview:Title: The Real Price of Oil and the Ghost of Matthew Simmons Background: In 2005, Houston investment banker Matthew Simmons entered into a $5000 bet with New York Times journalist John Tierney. Simmons bet that in 2010, the average price of oil in 2005 US dollars (ie, adjusted for consumer price inflation) would be at least $200 per barrel, three times higher than the then price of $65 per barrel. John Tierney thought it would be less and agreed to the bet. Asked about how the bet was going in 2008, Simmons replied We bet on the average price in 2010. Thats an eternity from now! An eternity later, in December 2010, John Tierney collected $5000 from the estate of the late Matthew Simmons after the price of oil in 2005 dollars averaged $71 in 2010 (you can read more about the bet in the assigned readings). Attachments: guideline.docx background-.docx OILPRICE.xlsx articles.zip
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